Demand for engagement and wedding rings slumps after post-pandemic boom

The owner of jewellers Mappin & Webb said demand for engagement and wedding rings has fallen after a post-pandemic boom last year.

Watches of Switzerland chief executive Brian Duffy said demand for the accessories was ‘still very strong’, as the firm posted sales up by a quarter to £1.5billion for the year to April 30.

But he said there has been a slowdown in purchases of bridal jewellery, after couples raced to get married when Covid curbs were lifted last year. 

He told the Mail: ‘Last year there was still a catch up of people getting weddings organised and consequently buying engagement rings.’

The company sells rings in the UK through its jewellery brands, Goldsmiths, Mappin & Webb, as well as Mayors and Betteridge in the US.

The retailer said it expects to post a profit of between £163million and £167million, for the year to April 30, up from £130million last year.

But yesterday shares fell 5.8 per cent, or 43p, to 697.5p after it warned it was preparing to face a more ‘challenging trading environment’ in the first half of its new financial year.